China: no problem in importing Iranian crude oil

Managing-Director of the Chinese Shipping Development Company Yan Zhichong said Monday the company would continue importing oil from Iran despite West's unilateral sanctions against the country. Yan added that Beijing will by no means allow the sanctions reduce the volume of China's oil imports from Iran, the Islamic republic news agency reported. Yan stated that China's Shipping Development Company has, so far, faced no problems regarding importing oil products from Iran. Yan stressed that China would do its utmost to tackle Europe's sanctions against Iran. The company is the largest Chinese shipping and sea transportation company with 72 oil tankers. China is Iran's top trade partner, with economic ties expanding in recent years after the withdrawal of Western companies in line with sanctions against the Islamic Republic over its peaceful nuclear program. Beijing has also significantly increased its presence in Iran's oil and gas sector by signing a series of contracts worth up to 40 billion dollars in the past few years. China boosted its oil imports from Iran by 30% in 2011 despite the West's pressure on the world's second largest economy to lower economic ties with Iran. China's crude oil imports from Iran have amounted to 27.76 million metric tons in 2011, Chinese General Administration of Customs announced in February. The growth in China's oil imports from Iran came despite the West's efforts to rally support for an oil embargo on Iran. Despite the rules enshrined in the Non-Proliferation Treaty (NPT) entitling every member state, including Iran, to the right of uranium enrichment, Tehran is now under four rounds of UN Security Council sanctions for turning down West's calls to give up its right of uranium enrichment. Tehran has dismissed West's demands as politically tainted and illogical, stressing that sanctions and pressures merely consolidate Iranians' national resolve to continue the path.